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Powers of attorney and their different forms

On Behalf of | Dec 31, 2021 | Estate Planning |

A power of attorney is a document that gives someone the ability to make decisions on another individual’s behalf. Texas has different types of power of attorneys that serve specific functions.

If you need a power of attorney, this article provides a brief overview of your options. Continue reading to learn more.

Limited powers of attorney

Limited powers of attorney only pertain to specialized actions. For example, you might grant a power of attorney for eligible motor vehicle transactions, which allows someone else to handle every step of the motor vehicle transaction process. Another type is tax collection, which gives an authorized agent the power to manage your tax-related affairs.

General powers of attorney

General powers of attorney cover a broad spectrum of actions you wish to cede control over. Typically, individuals enact a general power of attorney if they no longer want to handle their business affairs. These types of powers of attorney last for a specified period or until the principal dies, becomes incapacitated, or revokes the document.

Medical or durable powers of attorney

For end-of-life planning, medical powers of attorney or durable powers of attorney function best. These allow you to plan for potential incapacitation and ensure your affairs remain in order once you can no longer make decisions or act on your own behalf.

Revoking a power of attorney

You can always revoke a power of attorney. Consult with your lawyer on how the process works before you commit to ceding control over your affairs.

Sometimes a power of attorney is a sound business decision. Other times it becomes necessary for medical reasons. Regardless of how you wish your power of attorney to function, consider your decision carefully.